WILMINGTON, NC – Balfour Beatty Communities, a national residential real estate investment and management company responsible for the ownership and operation of more than $6 billion in multifamily assets, expanded its student housing portfolio with the acquisition of Carolina Cove located in Wilmington, North Carolina. The 228-unit community features a mix of two- and three-bedroom floor plans and serves students enrolled at the University of North Carolina at Wilmington. Bought as part of a joint venture with Apex One Investment Partners, the transaction marks Balfour Beatty’s first in the off-campus student housing market.

Built in 2013, the community—which will be rebranded as Aspire 349—occupies more than 13 acres at 349 Campus Cove and offers 600 beds. In addition to its immediate proximity to UNC Wilmington, the well-positioned asset is situated near a vibrant mix of restaurants, shopping and entertainment options and provides simple access to downtown Wilmington.

The ten three-tale buildings feature two- and three-bedroom units averaging just over 1,100 square feet. The apartments offer private bedrooms and bathrooms, fully equipped kitchen, in-unit washer and dryer, walk-in closets and covered porch along with a WIFI and cable TV package. Common area amenities include a resort style pool, state-of-the-art fitness center, outdoor grilling area, beach volleyball, basketball court, hammock garden and dog park. In addition, the clubhouse features a recently renovated business center, gaming lounge, tanning area and high-speed internet throughout.

“We are very pleased to continue our successful partnership with Apex One and expand our student housing portfolio into North Carolina with our first acquisition in off-campus student housing,” said Chris Williams, president of Balfour Beatty Communities. “This transaction is an exciting execution on our strategy to further invest in well-located properties with upside potential that can be realized through operational and capital improvements and a perfect complement to our existing portfolio of on-campus student housing. Our team looks forward to leveraging their more than 50 years of combined experience in off-campus student housing to reposition the property as Aspire 349 and deliver the exceptional living experience and market-leading performance that are hallmarks of our business.”

Balfour Beatty Communities will self-perform property management services through its Campus Housing Division and will invest in a series of capital improvements at the property, including both interior and exterior upgrades.

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AUSTIN, TX – JPI, a leader in the development of Class A multifamily housing, announced the sale of Sur 512, a 362-apartment-home mid-rise building located on Austin’s South Congress Avenue. Well loved with locals and visitors like, the South Congress neighborhood is a hot spot for developers, as it is host to a number of boutiques, eateries, galleries and music venues.

“We are extremely proud of Sur 512 and the role it plays in such a dynamic neighborhood,” said Matt Brendel, senior vice president and development partner at JPI. “The attention to detail showed throughout the design, and the higher level of service provided, make this community ideal for Austin residents.” 

Sur 512, developed and built by JPI in 2016, sits on about 8.91 acres. The luxury property has one-, two- and three-bedroom floor plans with island-style kitchens, glass tile backsplashes and granite countertops. Sur 512 provides residents with top-of-the-line amenities and exceptional service in addition to the convenient location along the city’s major thoroughfare.

The property’s best-in-class amenities include: Designer kitchen end-outs, Private balconies, Parklike setting with picnic and grilling areas, Fitness on demand, and Bluetooth-enabled locks.

JPI is a national developer, builder and investment manager of Class A multifamily assets across the U.S. and is the most active multifamily developer in Dallas-Fort Worth, with 3,830 apartment homes under construction. Headquartered in Irving, Texas, JPI also has offices in California, Arizona and New York. 

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ALBUQUERQUE, NM – CFH Investment Partners, a private real estate investment firm based in Austin, Texas, has bought Diamond Mesa in southwest Albuquerque from a private international investment company. The 456-unit, gated apartment community is located at 2300 Diamond Mesa Trail SW. This represents the group’s third acquisition in 2017.

 Built in 2015 and located near downtown Albuquerque and Interstate 40, the property provides simple access to several large, emerging employers, including one of six Facebook data centers currently under construction just south of Albuquerque.

Property amenities include a social lounge with game tables, resort-style pool area, fitness facility, business center, and a barbeque grilling area. Each of the one, two and three bedroom units includes nine-foot ceilings, spacious patios and balconies, and full size washers and dryers. Select units include walk-in closets and a separate laundry room.

 Benoit Rochard, Vice President at CFH Investment Partners states, “We are excited to add another high-quality property to the portfolio. Diamond Mesa presented the opportunity to buy an attractively located long-term holding near major employment drivers.” He adds, “Our extensive operational experience will allow us to efficiently operate this property while improving the resident experience.”

David Eagle, Senior Vice President of CBRE represented the seller in this off-market transaction. Tony Stein, Vice President of CBRE, was the mortgage broker for the transaction.

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